Ultra Lithium Inc. (TSX-V:ULI, OTCQB:ULTXF) said it has closed the final tranche of its previously announced non-brokered private placement, issuing an additional 24,610,000 units at a price of C$0.18 each, raising gross proceeds of C$4,429,800.
The net proceeds will be used to fund the exploration of the company's properties in Argentina, Ontario and Nevada and for general working capital purposes, it said.
Each unit issued in the final tranche is comprised of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at a price of C$0.25 for a period of 12 months following the closing date of the offering.
READ: Ultra Lithium says it has closed second tranche of private placement for gross proceeds of C$570,200
In total, the company has issued an aggregate of 27,777,778 units for gross proceeds of C$5 million.
The financing included Zangge Mining Co., Ltd’s strategic investment of $4,140,000 for 23,000,000 common shares or approximately 14.17% of the total common shares issued and outstanding, becoming a new insider of Ultra Lithium, the company noted.
Zangge is a lithium and potassium producer listed on the Shenzhen Stock Exchange with a market capitalization of about $8 billion and is headquartered in Golmud in Qinghai Province of China.
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